tracy: it basically was put in place by george h. w. bush. and now it is expiring at the end of the year. this affects your other might deductions. >> it actually affects your tax. it is a phaseout of itemized deductions for high income people. that was george h. w. bush that no more taxes, s as we will deal with deductions instead. in that sense, for losing 3% of your deductions, 3% of your adjusted gross income, you are paying tax on 103% of your income, so it is an income tax. you're paying tax on 103% of income, your tax goes up 1.2%. tracy: there are so many idiosyncrasies. come back. >> i will, thank you. tracy: even if you don't understand it you know you have to call somebody and find out, everybody has to do something. ashley: liz claman will be taking us through the last hour of trading. find out what that means for the bottom line. from the person himself, next on "countdown to the closing bell."